Fintech could usurp traditional financial services: IMF report

Tokyo

THE fintech revolution could have a more profound and far-reaching impact than generally realised, according to a report issued on Monday by the International Monetary Fund (IMF) which suggests that fintech platforms could take over many of the services provided by financial institutions.

"It is conceivable that the full range of services currently offered by banks, central banks, and certain market infrastructures could be at least partly supplanted by new entrants, automated processes, and decentralised networks," the report said.